# Sea (SE.US)

Canonical: https://gigainvestors.com/s/SE

Analysis as of: 2026-10-16T07:31:49.950Z. Financial observations: FY2014–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $97.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 7

- Operating margin variation: 1.18×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.59×

- FY2017: -1.21×

- FY2018: -1.20×

- FY2019: -0.41×

- FY2020: -0.30×

- FY2021: -0.16×

- FY2022: -0.12×

- FY2023: 0.02×

- FY2024: 0.04×

- FY2025: 0.08×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -22.2%

- ROIC, second-lowest year: -95.2%

- Typical minus recent gross margin: -8.7 pp

- Typical gross margin (annual median): 35.9%

- Recent gross margin (lower of latest and 3-year median): 44.7%

- Years with nonpositive capital: 5

- Capital spending / revenue: 7.8%

- ROIC including acquisitions, ten-year median: 5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.0%

- FY2017: -33.1%

- FY2018: -95.2%

- FY2019: -25.6%

- FY2020: -18.8%

- FY2021: -131.2%

- FY2022: -38.2%

- FY2023: 2.6%

- FY2024: 11.4%

- FY2025: 44.8%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.3B

- Net income, five-year total: -$1.5B

- Return on incremental invested capital: 14.9%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -2.8 pp

- Working capital / revenue, final three-year average: 33.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$2.0B

- FY2022: -$1.7B

- FY2023: $333M

- FY2024: $512M

- FY2025: $1.6B

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -33.1% vs 11.4%

- Per-share earnings: -0.69 to 0.73 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 14.5%

- Ordinary dilution, 5-year annual growth: 5.3%

- Market cap gain: $78B

- Cumulative retained earnings: -$5.5B

- Diluted shares, 10-year annual growth: 14.5%

- Diluted shares, 5-year annual growth: 5.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.41

- Per-share value, starting three-year median: -$0.69

- Per-share value, ending three-year median: $0.73

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $587M

- Cumulative net income, 10 years: -$6.4B

- ROIC, first three-year median: -33.1%

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.69

- FY2017: -$1.91

- FY2018: -$2.82

- FY2019: -$3.18

- FY2020: -$3.27

- FY2021: -$3.70

- FY2022: -$2.70

- FY2023: $0.26

- FY2024: $0.73

- FY2025: $2.47

### accounting: pass

- Sloan accruals: -11.7%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -22.3%

- FY2017: -11.4%

- FY2018: -21.3%

- FY2019: -29.3%

- FY2020: -20.8%

- FY2021: -12.0%

- FY2022: -3.5%

- FY2023: -10.2%

- FY2024: -12.5%

- FY2025: -11.7%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 72% since Oct 2021 · "Options Traders Target Sea Stock as Higher Costs Weigh" (finance.yahoo.com, Mar 2026) · sales +36.4%

Story as of 2026-10-16T09:59:33.901Z; price observation 2026-10-15.

- 2025-05-13: Shopee-owner Sea quarterly revenue jumps on steady ecommerce demand ([finance.yahoo.com](https://finance.yahoo.com/news/shopee-owner-sea-narrowly-misses-103442008.html))

- 2025-08-12: Sea Stock Jumps As E-Commerce, Fintech, Gaming All Deliver Double-Digit Growth ([finance.yahoo.com](https://finance.yahoo.com/news/sea-stock-jumps-e-commerce-135424016.html))

- 2025-11-11: Sea shares drop as Q3 earnings miss overshadows revenue beat ([finance.yahoo.com](https://finance.yahoo.com/news/sea-shares-drop-q3-earnings-120846752.html))

- 2026-02-08: Shopee Brazil Fee Hike Puts Sea Growth And Valuation In Focus ([finance.yahoo.com](https://finance.yahoo.com/news/shopee-brazil-fee-hike-puts-070601787.html))

- 2026-03-03: Sea Limited shares tumble on fourth quarter earnings miss ([finance.yahoo.com](https://finance.yahoo.com/news/sea-limited-shares-tumble-fourth-120956512.html))

- 2026-05-17: SE Q1 Deep Dive: Shopee Logistics and AI Drive Revenue, Guidance Highlights Regional Expansion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/se-q1-deep-dive-shopee-023655723.html))

### Sales · FY2024–2025

sales +36.4%; source https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm; observed 2026-04-17.

- FY2016: $346M 

- FY2017: $414M 

- FY2018: $827M 

- FY2019: $2.2B 

- FY2020: $4.4B 

- FY2021: $10.0B 

- FY2022: $12B 

- FY2023: $13B 

- FY2024: $17B 

- FY2025: $23B 

### Gross margin · FY2025

gross margin 44.7%; source https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm; observed 2026-04-17.

- FY2016: 32.7% 

- FY2017: 21.1% 

- FY2018: 1.8% 

- FY2019: 27.8% 

- FY2020: 30.8% 

- FY2021: 39.1% 

- FY2022: 41.6% 

- FY2023: 44.7% 

- FY2024: 42.8% 

- FY2025: 44.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are USD 22.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm (filed 2026-04-17); FY2025: revenue 22938469000; grossProfit 10243737000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SE.US: Sea Limited, through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally. The company operates through E-commerce, Digital Financial Services, and Digital Entertainment segments. It offers Garena, a digital entertainment platform for users to access mobile and PC online games, as well as promotes eSports operations and develops games. The company also operates the Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics and fulfillment infrastructure, and other value-added services. In addition, it offers Monee digital financial services comprising consumer, and small and medium-sized enterprises (SME) credit, e- wallets, payment processing, banking, Insurtech, and wealth services; and acts as an underwriter for various life and non-life insurance products under the MoneeInsure tradename, as well as insurance agency services. It serves buyers, such as individuals and households; and sellers, including small and medium businesses, brands, and large retailers. The company was formerly known as Garena Interactive Holding Limited and changed its name to Sea Limited in April 2017. Sea Limited was incorporated in 2009 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 42.8% to 44.7% during 2023–25; it lost 22.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2023: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2024: grossProfit / revenue = 42.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm (filed 2026-04-17); FY2025: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); 10-year return on capital observations [[2016,0],[2017,-0.3312731346223835],[2018,-0.9519678162768619],[2019,-0.2560105418822743],[2020,-0.18803114084419334],[2021,-1.3115452338379416],[2022,-0.38196237814730266],[2023,0.026161659497708573],[2024,0.11421664123057097],[2025,0.4479241338437872]]; median -0.2220208413632338. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9% of cash earnings on expansion; earns 14.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2023: growth capex 0; upkeep 258261000; owner earnings 333310000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2024: growth capex 0; upkeep 321593000; owner earnings 512401000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm (filed 2026-04-17); FY2025: growth capex 141638000; upkeep 372171000; owner earnings 1578149000. Growth capex / owner earnings = 0.08974944697870733.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Incremental return on capital 0.14926401271878278, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm (filed 2026-04-17); FY2025: cash repurchases 14027000 USD.

### Are managers owners

Insiders own 26.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SE.US SharesStats.PercentInsiders = 26.070999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Closing price 97.5 USD; reporting-to-trading FX 1; FY2025 annual sales per share 35.86787201601684; price multiple 2.7183101343860394. FY2025 cash earnings/share 2.4676819692807292. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-10: $15.08 per share

- 2017-11: $11.60 per share

- 2017-12: $13.33 per share

- 2018-01: $12.26 per share

- 2018-02: $10.96 per share

- 2018-03: $11.27 per share

- 2018-04: $10.49 per share

- 2018-05: $14.79 per share

- 2018-06: $15.00 per share

- 2018-07: $14.10 per share

- 2018-08: $14.25 per share

- 2018-09: $13.83 per share

- 2018-10: $13.05 per share

- 2018-11: $13.34 per share

- 2018-12: $11.32 per share

- 2019-01: $14.01 per share

- 2019-02: $21.50 per share

- 2019-03: $23.52 per share

- 2019-04: $24.89 per share

- 2019-05: $28.44 per share

- 2019-06: $33.22 per share

- 2019-07: $35.10 per share

- 2019-08: $32.12 per share

- 2019-09: $30.95 per share

- 2019-10: $29.76 per share

- 2019-11: $37.04 per share

- 2019-12: $40.22 per share

- 2020-01: $45.24 per share

- 2020-02: $45.06 per share

- 2020-03: $44.31 per share

- 2020-04: $55.58 per share

- 2020-05: $79.80 per share

- 2020-06: $107.24 per share

- 2020-07: $122.20 per share

- 2020-08: $152.81 per share

- 2020-09: $154.04 per share

- 2020-10: $157.70 per share

- 2020-11: $180.37 per share

- 2020-12: $199.05 per share

- 2021-01: $216.71 per share

- 2021-02: $235.69 per share

- 2021-03: $223.23 per share

- 2021-04: $252.54 per share

- 2021-05: $253.24 per share

- 2021-06: $274.60 per share

- 2021-07: $276.16 per share

- 2021-08: $338.32 per share

- 2021-09: $318.73 per share

- 2021-10: $343.57 per share

- 2021-11: $288.07 per share

- 2021-12: $223.71 per share

- 2022-01: $150.31 per share

- 2022-02: $145.60 per share

- 2022-03: $119.79 per share

- 2022-04: $82.76 per share

- 2022-05: $82.66 per share

- 2022-06: $66.86 per share

- 2022-07: $76.32 per share

- 2022-08: $62.00 per share

- 2022-09: $56.05 per share

- 2022-10: $49.68 per share

- 2022-11: $58.37 per share

- 2022-12: $52.03 per share

- 2023-01: $64.45 per share

- 2023-02: $62.49 per share

- 2023-03: $86.55 per share

- 2023-04: $76.17 per share

- 2023-05: $57.41 per share

- 2023-06: $58.04 per share

- 2023-07: $66.52 per share

- 2023-08: $37.63 per share

- 2023-09: $43.95 per share

- 2023-10: $41.70 per share

- 2023-11: $36.22 per share

- 2023-12: $40.50 per share

- 2024-01: $38.14 per share

- 2024-02: $48.52 per share

- 2024-03: $53.71 per share

- 2024-04: $63.19 per share

- 2024-05: $67.52 per share

- 2024-06: $71.42 per share

- 2024-07: $65.70 per share

- 2024-08: $78.31 per share

- 2024-09: $94.28 per share

- 2024-10: $94.05 per share

- 2024-11: $113.80 per share

- 2024-12: $106.10 per share

- 2025-01: $121.79 per share

- 2025-02: $127.27 per share

- 2025-03: $130.49 per share

- 2025-04: $134.05 per share

- 2025-05: $160.37 per share

- 2025-06: $159.94 per share

- 2025-07: $156.65 per share

- 2025-08: $186.54 per share

- 2025-09: $178.73 per share

- 2025-10: $156.25 per share

- 2025-11: $139.01 per share

- 2025-12: $127.57 per share

- 2026-01: $116.49 per share

- 2026-02: $108.45 per share

- 2026-03: $82.81 per share

- 2026-04: $84.88 per share

- 2026-05: $90.53 per share

- 2026-06: $95.83 per share

- 2026-07: $106.74 per share

- 2026-08: $113.48 per share

- 2026-09: $97.36 per share

- 2026-10: $97.50 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1703399/000114036126015366/ef20067274_20f.htm); period 2025-12-31, filed 2026-04-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.